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Retail Stocks, Retail REITs, and Retail Real Estate

This study examines the relationship between retail REITs, retail stocks, and retail real estate during the period 1983 through 1991. Evidence of a positive contemporaneous relationship between retail stocks and retail REITs, even after controlling for the market return, is found. However, no positive evidence is found for a relationship between retail real estate and either retail REITs or retail stocks. Some evidence of a negative relationship between office and R&D office real estate and lagged retail REIT and lagged retail stock returns is found, although these results are very weak. The evidence for contemporaneous relationship between retail REITs and retail stocks suggests the presence of some shared fundamental factor (or factors) in addition to the market return. The presence of this factor(s) may be partly accounted for by overage rents. However, the lack of a relationship between retail real estate and either retail REITs or retail stocks places the significance of such factors in some doubt.

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File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol09n01/v09p065.pdf
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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 9 (1994)
Issue (Month): 1 ()
Pages: 65-84

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Handle: RePEc:jre:issued:v:9:n:1:1994:p:65-84
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Web: http://pages.jh.edu/jrer/about/get.htm Email:


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  1. Joseph Gyourko & Donald B. Keim, 1992. "What Does the Stock Market Tell Us About Real Estate Returns?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(3), pages 457-485.
  2. S. Michael Giliberto, 1990. "Equity Real Estate Investment Trusts and Real Estate Returns," Journal of Real Estate Research, American Real Estate Society, vol. 5(2), pages 259-264.
  3. John D. Benjamin & Glenn W. Boyle & C. F. Sirmans, 1990. "Retail Leasing: The Determinants of Shopping Center Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(3), pages 302-312.
  4. Joseph Gyourko & Donald B. Keim, . "What Does the Stock Market Tell Us About Real Estate Returns? (Revision of 18-91) (Reprint 030)," Rodney L. White Center for Financial Research Working Papers 11-92, Wharton School Rodney L. White Center for Financial Research.
  5. Raymond Chiang & Tsong-Yue Lai & David C. Ling, 1986. "Retail Leasehold Interests: A Contingent Claim Analysis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 216-229.
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